I recently sold my duplex in northern New York and am transferring to Atlanta area, looking to invest in multifamily housing. I found a duplex, undervalued in the Appleton section of Stockbridge. With doing a quick look at market rents I should be able to clear $12-1300/month on a $70,000 house (2 bd 1 ba each side) that retails for around $130,000. I know the owner bought it as a foreclosure for $35,000. Is this a good area to invest in? are my estimates of the market rate for the area correct?
I am strict on who I rent to and like to keep my properties nice. If this isn’t a decent area I’ll look elsewhere.
Also if anyone has any information about Marietta area (outside the city/town)? Is this a good place to invest? Ie. Not too much crime/drugs
I own a rental house in the Appleton subdivision. The neighborhood has been a part of my life for 19 years. It has a mix of SFRs and multi-family properties. I bought my house in 2006. 3 bed 2 bath 1450 sq ft. It appraised for $121K. There were 2 story homes in that neighborhood selling for $140K - $150K. During the housing crash a lot of homes in that neighborhood were foreclosed on. Between 2009 - 2011 my house was worth between $50K - $60K. I think the neighborhood is coming back now. I think that my house is worth around $100K. I would purchase another investment property in this neighborhood. I would like to buy some of the multi-family properties in the neighborhood. There is no public transportation, but it is close to shopping, close to the interstate, and just a short drive from Atlanta.
If you send me a private message I will be happy to give you details about the area. I'm not a real estate expert but I have lived in Stockbridge for 25 years.
I am from Atlanta. Don't know much about Stockbridge, but it seems @RussBrantley does. I do know that the area of Marietta with zipcode 30062 and I believe 30066, or otherwise knows as East Cobb and a few surrounding areas, are highly regarded by the people living in Atlanta. Low crime rate, BEST schools in GA are located in East Cobb and the rents are substantially higher because of the area. If you are thinking about Marietta, look for properties around Walton High School, Pope High Schools and Lassiter High.
Hope I helped. Feel free to direct message me if you'd like to discuss.
@Marina Shlomov, I've looked over a few in the East Cobb area as well. The school districts to look for will definitely be helpful. Thank you!
@Russ Brantley, Thank you. I'l message you. Maybe we could meet up when I come to the area.
Hey @Chris Virgil-Stone - You should contact Chris Littleton of Solutions Realty Network. His office is not too far from Stockbridge and he manages all over Atlanta, when the owner may live anywhere else in the world. He will be a trustworthy manager and person to talk about with regards to rent and sales comps in addition to @Russ Brantley . If your numbers are correct, then you have a good cashflowing property in almost anyone's book.
Stockbridge is really far from the city. It's Ok to invest in, but your property won't appreciate as much and less people want to live there than the cities within the perimeter. You can get similar cash flow in the closer suburbs. I saw a Duplex in Stone Mountain last week with an extra half bath around the same price that generated $1400 per month. Let me know if you want to see the listing and I'll forward it to you if it's still on the market.
Thank you Ethan. I will contact him and see what I can find out. Thanks so much!
I don't know that area, I'd recommend reaching out to the people above, but those are good cashflow numbers if its in a good location
Thanks @Allen_Thomas, it's a great point about the properties not appreciating as much as in other parts of the city. I'ts important to keep that in mind when analyzing an area for investment.
@Allen_Thomas, thank you. I look for decent neighborhoods which I believe allows for appreciation with the opportunity to add value to the property. While I do consider appreciation, I mainly look for cash flow and the ability to add value.